1.  100% financing – no down payment needed!!  This is a huge plus.  This means that you get to keep your savings for turning the house you purchase into a HOME.
  2. Lower or no closing costs.  You can choose to roll your closing costs into the VA loan and keep your savings.
  3. No Private Mortgage Insurance (PMI) to pay.  Conventional loans come with an added monthly charge for PMI premium if your loan is more than 79% of the cost of the home you purchase.
  4. Fixed rate loan.  Your interest rate remains the same for the entire length of the loan.  Interest rates in the market place may go up but your interest rate will remain fixed at its original rate.
  5. 30 year fixed rate loan.
  6. Higher debt-to-income ratio – up to 41% as opposed to 36% for conventional loans.  (In a previous blog, I had explained how debt-to-income ratios are calculated.)
  7. More flexible credit rating.  VA loan qualifications are more forgiving of your credit issues.

Contact me, Patricia Feore, for more information:  671-688-6989 / patfeore@guamrealestate.deals

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